901 NORTE: Proofs of Claim Verification Deadline Is December 3--------------------------------------------------------------Mauricio Rozenblaum, the court-appointed trustee for 901 Norte SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until December 3, 2008.

Mr. Rozenblaum will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of ClerkNo. 38, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by 901 Norte and its creditors.

Inadmissible claims may be subject to appeal in a separateproceeding known as an appeal for reversal.

A general report that contains an audit of 901 Norte'saccounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Mr. Rozenblaum is also in charge of administering 901 Norte's assets under court supervision and will take part in their disposal to the extent established by law.

Mr. Becker will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of ClerkNo. 45, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Canales del Sur and its creditors.

Inadmissible claims may be subject to appeal in a separateproceeding known as an appeal for reversal.

A general report that contains an audit of Canales del Sur'saccounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Mr. Becker is also in charge of administering Canales del Sur's assets under court supervision and will take part in their disposal to the extent established by law.

The debtor can be reached at:

Canales del Sur SA Castro Barros 136 Buenos Aires, Argentina

The trustee can be reached at:

Jacobo Becker J. Salguero 2244 Buenos Aires, Argentina

SERVICIOS APLICADOS: Claims Verification Deadline Is February 6---------------------------------------------------------------Roberto Sapolnik, the court-appointed trustee for Servicios Aplicados Integrales SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until February 6, 2009.

Mr. Sapolnik will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of ClerkNo. 39, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Servicios Aplicados and its creditors.

Inadmissible claims may be subject to appeal in a separateproceeding known as an appeal for reversal.

A general report that contains an audit of Servicios Aplicados'accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Mr. Sapolnik is also in charge of administering Servicios Aplicados' assets under court supervision and will take part in their disposal to the extent established by law.

* ARGENTINA: Discloses Two Measures to Combat Global Credit Crunch------------------------------------------------------------------Argentina's central bank, Reuters writes, revealed late Thursday two new measures aimed at protecting the local financial system from the effects of the global credit crisis:

This measure is effective November 1, Reuters says. This move is expected to lower cash requirements by about US$1 billion, immediately boosting banks' liquidity in dollars and expanding funding for export-oriented companies hurt by volatility on external markets.

2. creation of put option auctions for holders of central bank bills and notes known as LEBAC and NOBAC, which are used as a monetary tool to sterilize peso issues.

This is the newest mechanism aimed at ensuring that banks in need of liquidity may easily sell their LEBACs and NOBACs to the central bank, Reuters notes.

* * *

The Troubled Company Reporter-Latin America reported on Aug. 13,2008, that Standard & Poor's Ratings Services lowered thesovereign ratings on the Republic of Argentina will notimmediately affect ratings on Argentine corporate entities. S&Plowered the global scale ratings on Argentina to 'B' from 'B+' andthe national scale ratings to 'raAA-' from 'raAA'. The outlook onthe sovereign is stable, and the 'B' short-term global scalerating remains unchanged.

* ARGENTINA: Inks Debt Renegotiation Deal with Three Foreign Banks------------------------------------------------------------------The Agence France-Presse and Reuters report that Argentina's government had struck a deal with three foreign banks to renegotiate annual payments on part of its US$150-billion sovereign debt mountain. The accord with Citibank aka Citigroup Inc., Deutsche Bank AG and Barclays Plc runs to 2012, the head of the cabinet, Sergio Massa, told reporters.

According to the AFP, the deal will permit "a significant reduction of between US$1.8 billion and US$2.5 billion regarding the financing needs (of Argentina) over the next three years," Mr. Massa said. Argentina has to repay US$40 billion in debt over the next two years. Its total debt is US$150 billion, or 56% of its gross domestic product.

The AFP notes that the country's economy collapsed in 2001, resulting in it defaulting on its US$82 billion in debt at the time. On September 2, the country said it would pay off its US$6.7-billion debt to the Paris Club of international creditors. Last year, Argentina reimbursed a US$9.5-billion debt to the International Monetary Fund, the AFP adds.

Meanwhile, The International Herald Tribune says the Argentine annual inflation officially hit 8.7% in September. However, independent economists say the government is lowballing that rate, which they claim is closer to 25%.

* * *

The Troubled Company Reporter-Latin America reported on Aug. 13,2008, that Standard & Poor's Ratings Services lowered thesovereign ratings on the Republic of Argentina will notimmediately affect ratings on Argentine corporate entities. S&Plowered the global scale ratings on Argentina to 'B' from 'B+' andthe national scale ratings to 'raAA-' from 'raAA'. The outlook onthe sovereign is stable, and the 'B' short-term global scalerating remains unchanged.

MONTPELIER RE: To Hold 2008 3Q Earnings Webcast on October 24-------------------------------------------------------------Montpelier Re Holdings Ltd. will host a conference call to discuss the company's financial results 30 minutes earlier than previously announced. The scheduled time is now 8:00 a.m. Eastern time on Friday, October 24, 2008.

The conference call will be available via a live audio webcast accessible on the company's web site at or by dialing 800-860-2442 (toll free) or 1-412-858-4600 (international).

The archived webcast will be available at the company's web site approximately one hour after the call. A telephone replay will be available through November 24, 2008 by dialing 877-344-7529 (toll-free) or 1-412-317-0088 (international) and entering the passcode 423248.

Headquartered in Bermuda, Montpelier Re Holdings Ltd. --www.montpelierre.bm -- through its operating subsidiaryMontpelier Reinsurance Ltd., provides customized, innovative,and timely reinsurance and insurance solutions to the globalmarket. The company has operations in the United States andEurope.

TARO GROUP: Deadline for Filing Proof of Claim Is Oct. 31---------------------------------------------------------Taro Group Ltd. I's creditors have until Oct. 31, 2008, to prove their claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their fullnames, addresses, the full particulars of their debts or claims,and the names and addresses of their lawyers, if any.

Taro Group's shareholders agreed on Oct. 10, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981.

The outlook revision reflects S&P's expectation that, in general, the overall increase in the cost of funding for the Brazilian banking industry should be particularly detrimental to BMG's profitability given the bank's specialization in payroll discount loans (79% of the bank's loan portfolio as of June 2008). In particular, the interest rate on the payroll discount loans extended to retirees in Brazil's public pension system, National Institute for Social Security, are capped by law, limiting the bank's flexibility to pass on the higher funding cost to clients. Loans to Social Security pensioners represented 35% of the bank's loan portfolio in June 2008. Higher funding costs and reduced access to debt markets -- important sources of BMG's long-term funding -- should limit the bank's growth potential.

"The ratings on BMG incorporate the risks of significant product concentration and the bank's vulnerability to margin pressures in a less-benign credit and liquidity environment. These risks are partially offset by a well-defined and successful strategy as a niche bank with a dominant position in the payroll-lending market, good business execution based on strong technology and distribution capabilities, and maintenance of good asset quality indicators and profitability," said S&P's credit analyst Ricardo Brito.

While S&P generally expects asset quality in the industry to deteriorate as credit becomes scarcer, the level of problem loans in BMG's portfolio should remain fairly stable given the characteristics of the payroll discount credit. This portfolio's good quality and its rather normal level of risk have contributed greatly to its liquidity and will make it an important source of funding as soon as larger banks return to the market and start buying assets.

The negative outlook reflects the expected negative impact of the sharp increase in funding costs on BMG's profitability. While funding is more expensive for the industry in general, it affects BMG in particular, given the concentration of payroll discount lending in its loan portfolio. S&P would consider a downgrade of the ratings if the bank cannot take offsetting measures to reduce operating costs, and, therefore, post negative results, affecting its capitalization. "We will continue to monitor developments in the bank's deposit base, but expect its cash position to serve as a cushion against market volatility. The ratings could stabilize if BMG reports positive results from operations in the next six months, and market conditions improve to allow for a better funding profile," added Mr. Brito.

Headquartered in Minas Gerais, Brazil, Banco BMG is the Brazilian banking arm of Grupo BMG, which also has real estate, food manufacturing and agro industry holdings. The bank is a niche player focused on loans to civil servants, with repayments taken monthly from payrolls. BMG operates mainly through in-house representatives in state companies. It also offers leasing and asset management services.

BRASIL TELECOM: Earns BRL164.1 Million in 2008 Third Quarter------------------------------------------------------------Brasil Telecom Participacoes S.A. reported consolidated net revenue of BRL2,841.6 million in third quarter of 2008, 3.4% up on third quarter of 2007. 3Q08 Consolidated net income came to BRL164.1 million, 9.2% higher than in 3Q07.

BrT Movel's net services revenue totaled BRL442.5 million, 7.9% higher than in 3Q07. BrT Movel's EBITDA stood at BRL70.9 million in 3Q08, 108.7% up on the same period the year before.

BrT Movel reached 5.2 million mobile users at the end of 3Q08, 30.4% up on 3Q07.

ADSL users in service totaled 1,761,900 at the end of the quarter, up by 15.7% year-on-year.

The number of lines in service (LIS) totaled 8,198,300 million, a growth of 1.7% in comparison with 3Q07.

In 3Q08, Brasil Telecom's investments totaled BRL608.1 million, of which BRL418.2 million was invested in fixed telephony, including voice, data, information technology and regulatory affairs, and BRL190.0 million in mobile telephony.

Consolidated net debt stood at BRL1,184.2 million, 54.9% higher than the previous year, mainly due to the growth in Capex, payment of Interest on Equity/Dividends, and a reduction in working capital.

In the beginning of September, Brasil Telecom launched "Pluri Uso": a bundle of minutes that can be used for local and long distance calls in all the client's fixed and mobile telephony accesses. Other services, such as Turbo (Brasil Telecom's broadband), can be added to the bundle with special pricing and the client receives a single bill. Brasil Telecom is the only telco to offer this type of bundle in its concession area (Region 2).

Headquartered in Brasilia, Brazil, Brasil Telecom ParticipacoesS.A. -- http://www.brasiltelecom.com.br-- is a holding company involved in the telecommunications sector. The company?s mainactivity is the management of Brasil Telecom SA (BrT), whichoperates a local fixed-line telephone in Brazil. BrT alsoprovides data and voice, broadband and Internet services, amongothers. It also owns Nova Tarrafa Participacoes Ltda and NovaTarrafa Inc, which provide Internet services.

GERDAU AMERISTEEL: To Host Conference call for 3rd Quarter Fin'ls-----------------------------------------------------------------Gerdau Ameristeel Corporation will host a conference call to discuss its 2008 third quarter financial results for the three-month period ending Sept. 30, 2008. The company invites all interested parties to participate.

Live Webcast: http://www.gerdauameristeel.com. Please connect to this Web site at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast.

Taped Replay: 416-640-1917 or 1-877-289-8525 Available until Nov. 12, 2008 at midnight.

Gerdau Ameristeel President and Chief Executive Officer Mario Longhi and Vice President and Chief Finance Officer Barbara Smith will co-chair the call. A question-and-answer session will follow, at which time the operator will direct participants as to the correct procedure for submitting questions.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a mini-mill steel producer in North America. Through itsvertically integrated network of 17 mini-mills, 17 scraprecycling facilities and 52 downstream operations, GerdauAmeristeel serves customers throughout North America. Thecompany's products are sold to steel service centers, steelfabricators, or directly to original equipment manufactures foruse in a variety of industries, including construction, cellularand electrical transmission, automotive, mining and equipmentmanufacturing. Gerdau Ameristeel is a unit of Brazilian firm

* * *

As reported in the Troubled Company Reporter-Latin America on Aug.28, 2008, Moodys Investors Serive has changed the outlook of theseratings for Gerdau Ameristeel Corp. to positive from stable:

GENERAL MOTORS: To Launch Auto Loan Initiative Today----------------------------------------------------John D. Stoll at The Wall Street Journal reports that GeneralMotors Corp. will launch on Friday an initiative dubbed "Financingthat Fits," aimed at letting consumers know they can still securecredit for a new GM car or truck.

WSJ relates that auto lenders like GMAC LLC have decided totighten lending terms. As reported in the Troubled CompanyReporter on Oct. 15, 2008, GMAC's CEO Al de Molina said in an e-mail to workers that the company has "limited if any access tofunding" for its mortgage and auto-lending units. Mr. de Molinasaid that the company may cut auto lending in some internationalmarkets and that it is considering "strategic initiatives." GMACsaid that it is restricting auto lending to buyers with creditscores of at least 700, who are about 58% of U.S. consumers.

According to WSJ, GM spokesperson John McDonald said that thecampaign will show buyers that there are hundreds of banks, creditunions, and other lenders who are willing to do auto loans andleases. The report says that GM will try to do a sizeable chunkof its lower-cost lending programs through GMAC.

Mr. McDonald read off a list of banks, lenders, and credit unionsparticipating in the program, although he acknowleged that buyersmay not be doing business "with the lender your used to," WSJreports.

About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars andtrucks in 35 countries. In 2007, nearly 9.37 million GM cars andtrucks were sold globally under the following brands: Buick,Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStarsubsidiary is the industry leader in vehicle safety, security andinformation services.

At June 30, 2008, the company's balance sheet showed total assetsof US$136.0 billion, total liabilities of US$191.6 billion, and total stockholders' deficit of US$56.9 billion. For the quarter ended June 30, 2008, the company reported a net loss of US$15.4 billion over net sales and revenue of US$38.1 billion, compared to a net income of US$891.0 million over net sales and revenue ofUS$46.6 billion for the same period last year.

GENERAL MOTORS: Appoints James Taylor as Hummer CEO---------------------------------------------------General Motors Corp., as part of the ongoing business andstrategic review of its Hummer brand, appointed James E. Taylor asHummer's CEO.

Mr. Taylor, formerly a Cadillac general manager, is responsiblefor the future strategy and current business of Hummer worldwide. This move marks a progression in the ongoing strategic reviewprocess and establishes the lead management structure for Hummergoing forward. Martin Walsh, currently general manager of Hummer,will team with Mr. Taylor on the transition and ongoing dealerrelations, and then will move to another assignment that will beannounced soon.

Mr. Taylor has been Cadillac general manager since 2004, and evenprior to that he was a key architect in Cadillac's design andtechnology resurgence. As the global Vehicle Line Executive forCadillac, Mr. Taylor led the development of a series of new models-- beginning with the Cadillac CTS -- that ushered in a new anddistinctive generation of dramatically designed, high performingvehicles. Mr. Taylor joined GM in 1980 and since has held anumber of business and marketing leadership roles, including thoseat Saturn, Adam Opel, Worldwide Purchasing and GM Truck.

"By creating a new and more comprehensive leadership position forHummer with Jim Taylor as the top executive, we are bolstering thestrategic review process and the brand," said Mark LaNeve, GMNAvice president of Vehicle Sales, Service and Marketing. "At thesame time, we're sharpening our focus on Cadillac as GM's flagshipbrand in the global luxury marketplace under Mark McNabb'sleadership," Mr. LaNeve added.

About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars andtrucks in 35 countries. In 2007, nearly 9.37 million GM cars andtrucks were sold globally under the following brands: Buick,Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStarsubsidiary is the industry leader in vehicle safety, security andinformation services.

At June 30, 2008, the company's balance sheet showed total assetsof US$136.0 billion, total liabilities of US$191.6 billion, and total stockholders' deficit of US$56.9 billion. For the quarter ended June 30, 2008, the company reported a net loss of US$15.4 billion over net sales and revenue of US$38.1 billion, compared to a net income of US$891.0 million over net sales and revenue of US$46.6 billion for the same period last year.

Fitch has also downgraded the rating of SANLUIS RassiniAutopartes, S.A. de C.V.

-- Foreign and local currency IDR to 'CC' from 'B-'.

The ratings remain on Rating Watch Negative.

The ratings of SANLUIS were placed on Rating Watch Negative onJune 16, 2008, reflecting the company's weak liquidity positionand the growing concern that cash-on-hand plus cash flowgeneration throughout the year would not be sufficient to amortizescheduled debt in 2008 assuming a downside case. At that time,the agency had expected that a continuing performancedeterioration in 2008 due to American Axle strike coupled withfurther announcements of future production cuts by OEMs and changein consumer preference would complicate the company's ability torefinance its debt.

Management had expected 2008 full year EBITDA to come in at aroundUS$60 million versus last 12 months EBITDA at the end of March ofUS$70 million and US$76.7 million at the end of December 2007. However, further deterioration has caused the company to reviseits full year EBITDA projections to between US$40 million andUS$45 million.

In order to address the deterioration in the company's cash flowgeneration, SANLUIS began negotiating with its senior securedlenders to reschedule all remaining amortization payments but notthe final maturity, which is likely to remain June 2010. OnSept. 15, 2008, the company announced that it had entered into a30 day Standstill period with its lenders, which froze theSeptember amortization payment. During the 30-day Standstill, thecompany expects to reach an agreement with its lenders to amendthe scheduled amortization payments in order to reduce cash flowpressures and allow the company to weather the current difficultmarket situation.

Fitch views the Standstill agreement as a positive sign thatSANLUIS lenders are willing to negotiate and that a finalagreement to be reached within the 30 day period is probable. Thefinalization of the rescheduling agreement would also be viewed asa positive step in order for SANLUIS to remain a going concern andto allow management to concentrate on addressing the changes inits industry.

However, the much lower revised EBITDA expectation for 2008, theprobability of higher interest rate costs and Fitch's expectationof further deterioration in North America auto industry has causedSANLUIS risk profile to worsen. Consequently, Fitch believesrefinancing risk in 2010 remains high.

The Rating Watch Negative reflects the pending negotiationsbetween SANLUIS and its senior secured restructured creditfacility lenders. Further downgrades are possible if the companyis unable to achieve a viable payment rescheduling amendment ofits facility or depending on the structure of the rescheduling. The Rating Watch Negative could be removed if the company is ableto reach a viable agreement with its lenders.

SANLUIS is the world's largest producer of leaf springs, where itis the predominant or sole supplier for the top-selling brands andproduce substantially all of GM's, Ford's and Chrysler's leafspring requirements. The company operates manufacturingfacilities in the United States, Mexico, and Brazil.

TAM SA: Shareholders Meeting Scheduled for October 30-----------------------------------------------------TAM S.A. shareholders are called to attend a meeting to be held at the company's registered office located at Av. Jurandir, 856,Lot 4, 7th floor, Jardim Ceci, in the City and State of Sao Paulo, at 10:00 a.m., on October 30, 2008, in order to take action on the election of a new member of the Board of Directors, in view of the resignation tendered by one of the Directors.

General Directions:

1. Pursuant to Section 1 of CVM Instruction No. 165/91, as amended, the minimum percentage ownership of voting stock necessary to request adoption of the multiple vote system for election of such member of the Board of Directors is 5%.

2. A shareholder that wishes to be represented at the meeting by an attorney in fact must file the relevant power of attorney with the company's registered office at least 48 hours prior to the time of the meeting, together with a statement issued by the custodian showing the ownership interest of such shareholder.

TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Granderoute in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina.

As reported in the TCR-Latin America on June 23, 2008, FitchRatings affirmed the 'BB' Foreign and Local Currency IssuerDefault Ratings of TAM S.A. Fitch also affirmed the 'BB' ratingof its US$300 million senior unsecured notes due in 2017 as wellas the company's 'A+(bra)' national scale rating and its firstdebentures issuance of BRL500 million. Fitch revised its ratingoutlook to negative from stable.

==========================C A Y M A N I S L A N D S==========================

BETA HEDGE: Filing for Proof of Claim Deadline Is Oct. 22--------------------------------------------------------- Beta Hedge International Managed Account Ltd.'s creditors have until Oct. 22, 2008, to prove their claims to David A.K. Walker and Lawrence Edwards, the company's liquidators, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their fullnames, addresses, the full particulars of their debts or claims,and the names and addresses of their lawyers, if any.

Beta Hedge's shareholder decided on Jan. 16, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

BRITISH FINANCIAL: Sets Final Shareholders Meeting on Oct. 22-------------------------------------------------------------British Financial Group Ltd. will hold its final shareholders meeting on Oct. 22, 2008, at 10:00 a.m., at the offices of Close Brothers (Cayman) Limited, 4th Floor Harbour Place, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

1) accounting of the wind-up process, and

2) authorizing the liquidators of the company to retain the records of the company for a period of six years from the dissolution of the company, after which they may be destroyed.

British Financial's shareholder decided on Aug. 22, 2008, toplace the company into voluntary liquidation under The CompaniesLaw (2004 Revision) of the Cayman Islands.

HBV MANAGED: Deadline for Proof of Claim Filing Is Oct. 22----------------------------------------------------------HBV Managed Account (1) Ltd.'s creditors have until Oct. 22, 2008, to prove their claims to David A.K. Walker and Lawrence Edwards, the company's liquidators, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their fullnames, addresses, the full particulars of their debts or claims,and the names and addresses of their lawyers, if any.

HBV Managed's shareholder decided on Jan. 16, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

MODULUS EUROPE: Filing for Proof of Claim Is Until Oct. 22---------------------------------------------------------- Modulus Europe Ltd.'s creditors have until Oct. 22, 2008, to prove their claims to David A.K. Walker and J.I. Nicholas Freeland, the company's liquidators, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their fullnames, addresses, the full particulars of their debts or claims,and the names and addresses of their lawyers, if any.

Modulus Europe's shareholder decided on Sept. 18, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

MODULUS EUROPE (MASTER): Claims Filing Deadline Is Oct. 22----------------------------------------------------------Modulus Europe (Master) Ltd.'s creditors have until Oct. 22, 2008, to prove their claims to David A.K. Walker and J.I. Nicholas Freeland, the company's liquidators, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their fullnames, addresses, the full particulars of their debts or claims,and the names and addresses of their lawyers, if any.

Modulus Europe's shareholder decided on Sept. 18, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

NEW WORLD: Will Hold Final Shareholders Meeting on Oct. 22----------------------------------------------------------New World Ventures Ltd. will hold its final shareholders meeting on Oct. 22, 2008, at 10:00 a.m., at the offices of Close Brothers (Cayman) Limited, 4th Floor Harbour Place, George Town, GrandCayman, Cayman Islands.

These matters will be taken up during the meeting:

1) accounting of the wind-up process, and

2) authorizing the liquidators of the company to retain the records of the company for a period of six years from the dissolution of the company, after which they may be destroyed.

New World Ventures' shareholder decided on March 20, 2008, toplace the company into voluntary liquidation under The CompaniesLaw (2004 Revision) of the Cayman Islands.

WESTWAYS FUNDING XI: Proof of Claim Filing Is Until Oct. 18-----------------------------------------------------------Westways Funding XI Ltd.'s creditors have until Oct. 18, 2008, to prove their claims to Walkers SPV Limited, the company's liquidator, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their fullnames, addresses, the full particulars of their debts or claims,and the names and addresses of their lawyers, if any.

Westways Funding's shareholder decided on Sept. 18, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:IQW) -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, wellas print solutions to retailers, branded goods companies,catalogers and to publishers of magazines, books and otherprinted media. It has 127 printing and related facilitieslocated in North America, Europe, Latin America and Asia. Inthe United States, it has 82 facilities in 30 states, and isengaged in the printing of books, magazines, directories, retailinserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,Peru, Argentina and the British Virgin Islands.

Ernst & Young, Inc., the monitor of Quebecor World Inc., and itsaffiliates' reorganization proceedings under the CanadianCompanies' Creditors Arrangement Act, filed a petition underChapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Courtfor the Southern District of New York on September 30, 2008, onbehalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814). The chapter 15case is before Judge James M. Peck. Kenneth P. Coleman, Esq., atAllen & Overy LLP, in New York, serves as counsel to the chapter15 petitioner.

QWI and certain of its subsidiaries commenced the CCAA proceedingsbefore the Quebec Superior Court (Commercial Division) onJanuary 20, 2008. The following day, 53 of QWI's U.S.subsidiaries, including Quebecor World (USA), Inc., filedpetitions under Chapter 11 of the U.S. Bankruptcy Code.

The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents theCompany in the CCAA case. Ernst & Young Inc. was appointed asMonitor.

Quebecor World (USA) Inc., its U.S. subsidiary, along with otherU.S. affiliates, filed for chapter 11 bankruptcy before the U.S.Bankruptcy Court for the Southern District of New York (Lead CaseNo. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & PorterLLP, represents the Debtors in their restructuring efforts. TheOfficial Committee of Unsecured Creditors is represented by AkinGump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines,catalogues and specialty print products for marketing andadvertising campaigns. The company employs around 290 people.Quebecor PLC was placed into administration with Ian Best andDavid Duggins of Ernst & Young LLP appointed as jointadministrators effective Jan. 28, 2008.

QWI is the only entity involved in the CCAA proceedings that isnot a Debtor in the Chapter 11 Cases.

As of June 30, 2008, Quebecor World's unaudited consolidatedbalance sheet showed total assets of US$3,412,100,000 totalliabilities of US$4,326,500,000 preferred shares of US$62,000,000and total shareholders' deficit of US$976,400,000.

The Hon. Robert Mongeon of the Quebec Superior Court has extendeduntil Dec. 14, 2008, the stay under the Canadian Companies'Creditors Arrangement Act.

* JAMAICA: Currency Drops Wednesday Amid BOJ's Temporary Rescue---------------------------------------------------------------The Jamaican dollar fell to J$74 to the U.S. dollar Wednesday amid the disclosure of the Bank of Jamaica to offer temporary loans to financial institutions in the country, Radio Jamaica reports. Some authorized dealers sold close to US$1 for J$75. The trading day ended with J$74.03 to the U.S. dollar on average. The value of the Jamaican dollar has slipped 3% in the past two weeks, Radio Jamaica says.

The Jamaica Gleaner writes that the BOJ joined several other central banks around the world in providing liquidity support to local financial institutions following the global economic meltdown. The BOJ, however, did not say how much money it was prepared to lend but said the move was in response to international developments, particularly "during this period of dysfunctional money markets". The BOJ did not also indicate the interest rate the loans carry. Market sources expect the rate to be in line with the U.S. three- and six-month instruments.

The bank added that the temporary lending facility was designed to alleviate any short-term liquidity needs of domestic financial institutions; ensure the stability of Government of Jamaica global bond prices; and minimize pressures in the domestic and foreign exchange markets, The Jamaica Gleaner reports.

The bank's offer, according to The Jamaica Gleaner, received an immediate thumbs up from the Opposition People's National Party (PNP), The Jamaica Gleaner relates. According to Go-Jamaica News, Opposition spokesman on finance, Dr. Omar Davies said the opposition welcomes the move by the BOJ.

Meanwhile, Go-Jamaica News reports that the PNP has called for legislation to require all domestic financial institutions to contribute to a reserve fund.

As cited by Go-Jamaica, Dr. Davies said the reserve fund is necessary particularly when institutions are threatened by a financial crisis. He added that the latest move by the BOJ emphasizes the need for increased collaborations between the BOJ and the Financial Service Commission in monitoring the sector.

The Jamaica Gleaner quotes the BOJ as stating that "The bank will continue to closely monitor the financial system and take appropriate action."

* * *

As cited by the Troubled Company Reporter-Latin America on Oct. 14, 2008, The Jamaica Observer reported Finance Minister Don Wehby said Jamaica's debts quadrupled to J$1 trillion amid anaemic growth averaging roughly 1% per year. Jamaica's debt to GDP ratio had also increased sharply over the period, from 83.9% in 1997 to 130.7% in 2007, that report said.

The country added its pile of debts after it successfully raisedUS$350 million at an 8% coupon this fiscal year out of a plannedexternal borrowing requirement of US$600 million, The JamaicaObserver related. Jamaica also has fiscal deficit of J$19.1 billion to the end of August, but significantly better, by about J$6 billion, than the budgeted J$25.2 billion.

According to The Jamaica Observer, Jamaica's high public debt, andthe consequent lack of fiscal space, meant that without tax reformthere was no money to deal with schools, or to make the investmentto achieve stronger economic growth. About 1% of companiespaid 78% of corporate tax, with approximately 40% outsidethe tax system.

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CEMEX SAB: Net Income Drops 74% to US$200 Mil. in Third Quarter---------------------------------------------------------------CEMEX, S.A.B. de C.V. reported consolidated net sales decreased 5% in the third quarter of 2008 to US$5.8 billion versus the comparable period in 2007. EBITDA decreased 4% in the third quarter of 2008 to US$1.3 billion versus the same period of 2007, mainly due to the exclusion of the company's Venezuelan operations starting August 1, 2008.

Hector Medina, Executive Vice President of Planning and Finance, said: “We are living in a time of extraordinary volatility in the financial markets in a challenging operating environment in several of the countries in which we operate. During the quarter, we had slightly better-than-expected EBITDA generation and our diversified portfolio has partially compensated for the downturn in the United States, Spain, and the United Kingdom. Going forward, we remain focused on strengthening our financial flexibility."

Consolidated Corporate Results

Majority net income decreased 74% to US$200 million in the third quarter of 2008 from US$780 million in the same period a year ago.

Net debt at the end of the third quarter was US$16.4 billion, representing a decrease of US$1.2 billion during the quarter. The net-debt-to-EBITDA ratio reached 3.4 times for the third quarter 2008 compared with 3.5 times in the second quarter 2008. Interest coverage reached 4.8 times during the quarter, up from 4.4 in the last quarter.

Main Markets Third Quarter Highlights

Net sales in its operations in Mexico increased 10% during the third quarter of 2008 to US$1 billion, compared with US$950 million in the same period of 2007. EBITDA increased 21% to US$408 million versus the same period of last year.

CEMEX’s operations in the United States reported net sales of US$1.2 billion in the third quarter of 2008, down 28% from the same period in 2007. EBITDA decreased 58% to US$176 million, from US$420 million in the third quarter of 2007.

In Spain, net sales for the quarter were US$370 million, down 26% from the third quarter of 2007, while EBITDA decreased 19% to US$121 million.

The company's operations in the United Kingdom experienced a 19% decrease in net sales, to US$446 million, when compared with the same quarter of 2007. EBITDA decreased 48% to US$17 million in the third quarter from US$34 million in the comparable period in 2007.

Net sales in the Rest of Europe region increased 8% during the third quarter of 2008 versus the comparable period in the previous year, reaching US$1.2 billion. EBITDA was US$189 million for the region, 13% higher compared to the same quarter of 2007.

CEMEX’s operations in South/Central America and the Caribbean reported net sales of US$504 million during the third quarter of 2008, representing a decrease of 4% over the same period of 2007. EBITDA decreased 12% for the quarter to US$161 million versus the same period in 2007.

Third-quarter net sales in Africa and the Middle East were US$295 million, up 49% from the same quarter of 2007. EBITDA increased 73% to US$87 million versus the comparable period in 2007.

Operations in Asia and Australia reported an 11% increase in net sales, to US$564 million, versus the third quarter of 2007, and EBITDA was US$95 million, up 6% from the same period in the previous year.

Headquartered in Mexico, Cemex S.A.B. de C.V. --http://www.cemex.com/-- is a growing global building solutions company that provides high quality products and reliable serviceto customers and communities in more than 50 countries throughout the world, including Argentina, Colombia and Venezuela. Commemorating its 100th anniversary in 2006, Cemex has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future.

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As reported in the Troubled Company Reporter on Oct. 16, 2008, Standard & Poor's Ratings Services lowered its long-termcorporate credit and senior unsecured debt ratings on Cemex S.A.B. de C.V. (Cemex) and its key operating subsidiaries (Cemex Espana S.A., Cemex Mexico S.A. de C.V., and Cemex Inc.) to 'BBB-' from 'BBB'. The long-term Mexican local scale rating was also lowered to 'mxAA' from 'mxAA+'. At the same time, S&P lowered its rating on Cemex's fixed-to-floating callable perpetual debentures to 'BB+' from 'BBB-'. The outlook remains negative.

GRUPO TMM: Comments on Bolsa's Request to on Details Due to Crisis------------------------------------------------------------------Grupo TMM S.A.B. said that it does not have a position in any speculative derivative instruments, that only 18 percent of its debt is denominated in U.S. Dollars, and that its only outstanding hedge, which is on its Mexican Trust Certificates Program, has a cap on the TIIE rate, or Mexico’s Interbank Equilibrium Interest Rate, of 9.25 percent for three years.

The company provided this information publicly in response to the Bolsa’s request to all publicly traded companies in Mexico to provide additional information due to the current conditions of the global financial markets.

As reported in the Troubled Company Reporter-Latin America onJuly 17, 2008, Grant Thornton, S.C., raised substantial doubtabout the ability of Grupo TMM, S.A.B, to continue as a goingconcern after it audited the company's financial statements forthe year ended Dec. 31, 2007. The auditing firm pointed to thecompany's sustained substantial losses from continuingoperations during the past five years.

The rating action is based on the company's recent announcementthat it has further lowered its 2008 earnings guidance as a resultof deteriorating and volatile industry and general economicconditions. Lear reduced its full-year 2008 sales outlook fromUS$15 billion to approximately US$14 billion and now sees its coreoperating earnings down approximately 20% from its previousguidance of US$550 million to US$600 million issued on July 29, 2008.

While Lear continues to anticipate free cash flow to be positive,Moody's believes it will be meaningfully lower than theUS$150 million expectation in the company's previous guidance. Moody's expects the weakening automotive production environment toadversely impact Lear's operating metrics and could constrain themagnitude of cushion under the financial covenants in thecompany's bank credit facility over the next twelve months.

The negative outlook considers that while the company currentlymaintains good credit metrics for the assigned rating, thesemetrics will likely moderate due to the severe erosion in industryfundamentals over the near-term. Lear's revised guidance reflectsdeclining North American vehicle sales and production, the shiftin product mix to smaller passenger vehicles in the U.S., and thelower automotive OEM production in Europe.

The outlook also considers that while Lear has successfullyimplemented restructuring programs in the past, the currentindustry environment continues to evolve, posing additionalexecution risk.

Developments that could lead to a stabilized outlook includestabilization of industry conditions, OEM market shares in NorthAmerica, and restructuring actions at Lear, resulting in marginswhich would result in debt/EBITDA sustained below 4.5 times, orEBIT/Interest coverage sustained at 2 times.

Lear's Speculative Grade Liquidity rating of SGL-3 indicatesadequate liquidity over the next twelve months. At June 30, 2008,Lear's principal liquidity sources included cash balances ofapproximately US$624 million, with about one-third of this islocated domestically, and about another one-third is availableinternationally. Moody's expects Lear's ability to generatepositive free cash flow over the next twelve months to bechallenged by the current industry environment.

The company's liquidity profile includes a Euro 315 millionfactoring facility which expires in April 2011 and a US$1.29 billion revolving credit facility. Approximately US$822 million of the revolving credit facility matures in January 2012; whileapproximately US$468 million is due in March 2010. These facilities were undrawn at June 30, 2008 with US$61 million of letters of credit outstanding. Lear currently has ample room under the credit facility's covenants with leverage and interest ratios of 2.1 times and 4.8 times compared to the covenant thresholds of 3.5 times and 2.75 times, respectively.

However, the combination of current industry OEM productionpressures, which are expected to continue into 2009, and thetightening of these covenants over the near-term are expected toreduce the company's current covenant cushions. The bank debt issecured by the capital stock of all the company's domesticsubsidiaries and a portion of the first tier foreign subsidiaries,and certain domestic assets subject to the 10% lien limitationwithin the company's bond indentures, above these levelscollateral must be shared with the bonds. Alternate liquidity isfurther limited by the terms of the bank debt.

PORTOLA PACKAGING: Court Confirms Pre-packaged Plan---------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware found thatPortola Packaging, Inc.'s second amended prepackaged plan ofreorganization had met the statutory requisites. Accordingly, theCourt confirmed the Plan.

Confirmation of the pre-packaged plan followed Portola obtainingan exit financing commitment from Wells Fargo Foothill, LLC andRegiment Capital Special Situations Fund IV, LP for a US$66 million senior secured credit facility. Concurrently, Wayzata Investment Partners LLC committed to provide up to US$30 million in second-lien financing to refinance the existing second-lien debt. Having obtained confirmation of its plan, Portola remains on track with its current timetable to emerge from chapter 11 by the end of October.

John LaBahn, Senior Vice President and Chief Financial Officersaid, "We continue to be very proud of what we have been able toaccomplish as we work to emerge with a significantly improvedcapital structure. This will allow us to complete ourrestructuring and exit bankruptcy by the end of October."

Pursuant to the confirmed plan of reorganization, holders ofPortola˙s existing senior unsecured notes will receive 100% of thecommon stock of reorganized Portola, and Wayzata will becomePortola˙s controlling shareholder upon Portola˙s emergence frombankruptcy. Through the court-assisted restructuring process,Portola will have eliminated US$180 million in funded debt from its balance sheet. The plan of reorganization specifically provides that Portola˙s relationships with customers and trade creditors are not impaired. Portola is pleased that it was able torestructure its balance sheet without any impact upon itsrelationships with its vendors and customers.

Portola President and CEO Brian Bauerbach added, "Our improvedbalance sheet and reduced interest costs will enable us to betterserve our customers and improve our competitive position in thepackaging industry."

Portola filed the second amended plan and accompanying disclosurestatement on Oct. 10. Since the filing of the original prepackplan, Portola has filed plan supplements and amended exhibits toplan supplements.

BankruptcyData says the amendments relate to the Debtors' secondlien term loan with Wayzata Investment Partners, rejected executorcontracts, unexpired leases and non-exclusive list of retainedcauses of action and Debtors' officers and directors.

About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs, manufactures, and markets a full line of tamper-evident plasticclosures, bottles, and equipment for the beverage and foodindustries, as well as plastic closures and containers for thecosmetics industry. The company and 6 of its debtor-affiliatesfiled for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.Del. Lead Case No. 08-12001). Edmon L. Morton, Esq., Robert S.Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,Stargatt & Taylor, represent the Debtors as counsel. When theDebtors filed for protection from their creditors, they listedassets of between US$50 million and US$100 million, and debts ofbetween US$100 million and US$500 million. The company haslocations in China, Mexico and Belgium.

TERNIUM MEXICO: S&P Withdraws BB- Corp. Credit Rating By Request---------------------------------------------------------------- Standard & Poor's Ratings Services has withdrawn its 'BB-' long-term corporate credit rating on Mexico-based steel company Ternium Mexico S.A. de C.V. at the company's request. Ternium Mexico has no global-scale rated debt outstanding. At the same time, S&P affirmed its national scale (CaVal) 'mxA-' long-term corporate credit rating on the company. The outlook is stable.

"The 'mxA-' rating on Ternium Mexico reflects the company's heavy capital expenditure program and the highly cyclical and capital-intensive nature of the steel industry," said S&P's credit analyst Juan Pablo Becerra. The ratings also account for the company's above-average operating efficiency, its relatively low leverage, its vertical integration, and its leading market position in Mexico.

VITRO SAB: To Release Third Quarter 2008 Earnings on October 28---------------------------------------------------------------Vitro, S.A.B. de C.V. will hold its third quarter 2008 conference call on Oct. 29, 2008 at 11:00 a.m. U.S. ET (9:00 am Monterrey Time). The earnings press release for the third quarter 2008 will be issued on Oct. 28, 2008, after market close.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:VITROA; NYSE: VTO), through its two subsidiaries, Vitro EnvasesNorteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a globalglass producer, serving the construction and automotive glassmarkets and glass containers needs of the food, beverage, wine,liquor, cosmetics and pharmaceutical industries.

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As reported in the Troubled Company Reporter-Latin America on Oct. 16, 2008, Standard & Poor's Ratings Services has placed its ratings, including the 'B' foreign currency long-term corporate credit rating, on Mexican glass manufacturer Vitro S.A.B. de C.V. on CreditWatch with negative implications.

TCR-Latin America also reported on Oct. 9, 2008, Moody's affirmed the B2 senior unsecured debt and corporate family ratings of Vitro S.A.B. de C.V.'s , while at the same time changing the outlook for the company's ratings to negative from stable.

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Monday's edition of the TCR-LA delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-LA editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The MondayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-LA constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-LA editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

Tuesday's edition of the TCR-LA features a list of companieswith insolvent balance sheets obtained by our editors based onthe latest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in eachThursday's edition of the TCR-LA. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

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Information contained herein is obtained from sources believed to be reliable, but is not guaranteed.

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